Ok we are not having a dumb lender since we have no lender at all - what if yo do not have a mortgage? How does this all square up?
My husband and I are pondering to LLC or not LLC our beach property in Virginia - but I was wondering - what happens when we make an LLC owner of the house? Do we actually "sell" the house to the LLC for the sake of filing taxes? How would the depreciation deduction work in this case? There is also a new wrinkle in the tax code that allows businesses a tax-free 20% pass-through from income but this is not possible with schedule E, you have to file either schedule C or something else...
